NEW YORK, April 14, 2023 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against Allbirds, Inc. (NASDAQ: BIRD) (“Allbirds” or the “Company”) for violations of the federal securities laws on behalf of persons and entities that purchased or otherwise acquired: (a) Allbirds Class A common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s November 2021 initial public offering; and/or (b) Allbirds securities between November 4, 2021 and March 9, 2023, inclusive (the “Class Period”).
On April 13, 2023 a complaint was filed alleging that in the Registration Statement and throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Allbirds was overemphasizing products that extended beyond the Company’s core offerings; (2) that the Company’s non-core products had a narrower appeal and were not resonating with customers as well as the Company’s core products; (3) that Allbirds was underinvesting in its core consumers’ favorite products to push the Company’s newer products with narrower appeal; (4) that underinvesting in Allbirds’ core products was negatively impacting the Company’s sales; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
When investors learned the truth, Allbirds’ common stock declined precipitously, injuring investors.
If you suffered a loss of more than $100,000 in Allbirds’ securities, and wish to participate, or learn more, please contact our attorneys at (914) 733-7234 or via email at email@example.com. You can also read more about the lawsuit here.
Any investor who wishes to serve as Lead Plaintiff must act before June 12, 2023.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has recovered billions of dollars on behalf of its clients.
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SOURCE: Lowey Dannenberg P.C.